Apollo submits bid for Uniper in German utility sale process
Germany is advancing the sale of a large stake in state-owned utility Uniper as bidders line up for one of the biggest energy deals in Europe this year. Apollo Global Management has now joined the process with a non-binding offer, adding to competition for a company that Berlin rescued in 2022.
Highlights
- Apollo Global Management submitted a non-binding bid for Uniper before the September 21 deadline in Germany's sale of its 99.12% stake.
- A sale could value Uniper at around 10 billion euros versus the 13.5 billion euro 2022 Berlin bailout, making it one of Europe's largest utility deals this year.
- Other bidders include EPH, Brookfield-CPPIB, Equinor, and a KKR-RWE consortium, with UBS and JP Morgan advising Germany on a potential sale of up to 74.12%.
Bid timeline and sale process
As first reported by Reuters, Apollo Global Management has submitted a non-binding offer for German state-owned energy firm Uniper, according to two people with direct knowledge of the matter. Potential suitors had until September 21 to submit indicative bids for Uniper, which was bailed out by Berlin in 2022 for 13.5 billion euros.A sale of Uniper could value the company at around 10 billion euros, making it one of Europe's largest utility transactions this year. Germany's finance ministry, which oversees Berlin's 99.12% stake in Uniper, has said it is looking to sell up to 74.12% in the company, with UBS and JP Morgan advising on the process.
Competitive field and next steps
Czech energy firm EPH, controlled by billionaire Daniel Kretinsky, as well as a consortium of Brookfield and Canada's CPPIB, have also submitted indicative bids. Norway's Equinor and a consortium made up of KKR and Germany's rival utility RWE have submitted bids as well, one of the people said.Suitors are expected to be told in the coming weeks whether they can move forward to the next round of the auction, according to a third person involved in the talks. Apollo, Uniper and KKR declined to comment, while Equinor was not immediately available for comment.
In our earlier coverage of Dwr Cymru (Welsh Water), we noted that its investment-grade ratings were affirmed with a Stable Outlook, supported by balance-sheet headroom despite pressure on interest-cover metrics during the AMP8 period. We also highlighted the key risks flagged around backloaded capex delivery and rising outcome delivery incentive (ODI) penalties tied to operational and environmental performance.
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